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Economy shows signs of recovery with latest jobs report but some still struggling

751,000 new unemployment claims in U.S., Labor Department says
Posted at 5:36 PM, Oct 29, 2020
and last updated 2020-10-29 17:36:03-04

WEST PALM BEACH, Fla. — New data shows the country's economy is improving but unemployment is still a struggle for many.

The nation's gross domestic product, GDP, was up by 33% in the third quarter of 2020.

"I look at these GDP numbers almost like a football game," said Mark Hamrick, senior economist at Bankrate.com.

"Where we suffered a historic setback in the second quarter, and we mounted a comeback in third quarter, but we're still behind," Hamrick said.

He believes there is still much uncertainty in the economy, especially with the inability of Congress to pass a new stimulus package for Americans and businesses.

Mark Hamrick, senior economist at Bankrate.com
Mark Hamrick, a senior economist at Bankrate.com, says millions of people remain unemployed and businesses continue to struggle.

"It is doing damage to the economy that elected officials have not come up with another round of legislation," Hamrick said.

According to the Department of Labor, there were 751,000 new unemployment claims across the country.

In Florida, there were 30,874 new claims.

Jim Ricer
"I would challenge anybody in the house or government to take $125 and feed their family for a week," says Jim Ricer of Boca Raton.

Jim Ricer of Boca Raton lost his catering business in 2020 and now is struggling with the $125 a week in state benefits.

"I would challenge anybody in government to take $125 and feed their family for a week," Ricer said.

Hamrick said any stimulus package will have to come after the election. As for Florida’s economy, he believes it depends on whether tourists will return this winter.